Hardman & Co Research on City of London Investment Group (CLIG):
Swings and roundabouts
City of London has announced a trading statement for 1H’23 and, implicitly, 2Q’23. After 1Q’23 being weak for markets, they bounced back in 2Q, recovering the losses – and a bit more. Fund performance was also solid. After a good 1Q for inflows, the market gains were offset by some outflows across the strategies. The net result is that FUM increased by 7% over the quarter, from $8.51bn to $9.15bn. This was a marginal decline, over the half year, on the $9.22bn as of 30 June 2022. An unchanged interim dividend of 11p was also announced. The shares go ex-dividend on 2 March, and the dividend will be paid on 31 March 2022.
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